Within the framework of the visit of the President of the Republic of Uzbekistan and the President of the Republic of Kazakhstan to Bukhara on April 11, 2026, IT Park Ventures and White Hill Capital signed an agreement on the establishment of a joint investment fund in Uzbekistan with a target size of up to USD 2 million.
The significance of this step is underscored by the continued strengthening of the startup and venture ecosystems in Uzbekistan and Kazakhstan, which are creating new opportunities for the launch, financing, and scaling of technology-driven companies. In Uzbekistan, venture activity has seen substantial growth in recent years, reflecting a rapid expansion of the market. This progress highlights the steady development of the ecosystem, supported by systemic reforms, strong attention from the country’s leadership, and the growth of enabling infrastructure that reduces barriers to innovation and enhances the investment attractiveness of technology businesses. At the same time, the emergence of young and increasingly competitive talent is creating a solid foundation for new technology teams, products, and international expansion.In Kazakhstan, the venture ecosystem has also demonstrated strong positive momentum, with investment activity growing significantly and overall startup valuations reaching new levels. Artificial intelligence has emerged as a key driver of this growth, becoming a central focus of venture funding and innovation. In this context, the establishment of the joint fund should be viewed not only as the launch of a new investment vehicle, but also as an important contribution to the long-term development of regional venture infrastructure.
The creation of the joint fund opens a new chapter in the development of venture cooperation between Uzbekistan, Kazakhstan, and the broader Central Eurasian region. It establishes an institutional platform designed to support promising technology companies and to deepen practical investment collaboration across the region.
The fund will focus on startups from Central Eurasia, founders from the regional diaspora building globally, and selected international founders whose companies can generate strategic value for the region through technology transfer, market access, talent development, and capital connectivity. At the same time, it is expected to strengthen the depth and international quality of the regional startup pipeline.
In practical terms, the fund is expected to help attract long-term capital, encourage greater foreign direct investment, and bring additional international investment expertise into the ecosystem. It will also expand opportunities for founders to access capital, strategic partnerships, and scaling support, while reinforcing the role of Uzbekistan, Kazakhstan, and Central Eurasia as one of the emerging centers of venture and innovation activity.
Quote from IT Park Ventures
Dalerkhon Nodirov, CEO of IT Park Ventures, said:
“The signing of this agreement reflects a shared intention to build a stronger and more internationally connected investment platform for Uzbekistan, Kazakhstan, and the broader Central Eurasian region. Our partnership with White Hill Capital represents an important milestone, and we are pleased to collaborate on an initiative that we believe will contribute meaningful long-term value to the regional venture ecosystem. This initiative has also been made possible by the support and strategic attention of the leaders of both countries to innovation, investment, and deeper regional cooperation. Beyond capital, we see it as an opportunity to strengthen startup deal flow, deepen cross-border investment cooperation, and create new opportunities for founders from the region, the diaspora, and globally oriented entrepreneurs.”
Quote from White Hill Capital
Aslan Sultanov, Managing Partner of White Hill Capital, commented:
“We are proud to partner with IT Park Ventures at a moment when the Central Eurasian venture ecosystem is entering a qualitatively new stage of development. Kazakhstan and Uzbekistan together represent the core of this ecosystem, and this joint fund is a practical step toward building the institutional investment infrastructure the region needs. For White Hill Capital, this partnership reflects our longstanding commitment to bridging capital, expertise, and opportunity across Central Asia and beyond. We look forward to backing exceptional founders and contributing to the emergence of globally competitive technology companies from our region.”
Long-Term Impact for the Ecosystem
The joint fund is expected to help attract long-term private capital into Uzbekistan, Kazakhstan, and the broader Central Eurasian venture space, while strengthening the region’s capacity to absorb and deploy foreign direct investment into high-growth technology companies.
It is also expected to improve startup deal flow, expand founders’ access to institutional capital, and introduce additional international investment experience, professional standards, and strategic networks into the ecosystem. At the same time, the initiative reflects the strategic attention and support of the governments and leaders of both countries for innovation, investment, and deeper regional cooperation.
More broadly, the fund is intended to contribute to the development of a more internationally connected, institutionally mature, and investment-ready venture ecosystem across Uzbekistan, Kazakhstan, and the wider Central Eurasian region.
About IT Park Ventures
IT Park Ventures is a Uzbekistan-based venture fund operating under IT Park Uzbekistan and the Ministry of Digital Technologies of the Republic of Uzbekistan, established pursuant to Presidential Decree to support scalable technology startups with strong growth potential. The Fund invests across Uzbekistan, Central Eurasia, and startups founded by members of the regional diaspora worldwide.
Its priority sectors include AI, FinTech, DeepTech, GreenTech, EdTech, GameDev, initiatives with measurable social impact, and others. Through a hybrid model combining direct investments and participation in international acceleration and scale-up programs, to the date IT Park Ventures has built a portfolio of nearly 70 startups and works closely with a broad network of global and regional partners to expand founders’ access to capital, mentorship, and international markets.
About White Hill Capital
White Hill Capital is a Kazakhstan-based venture capital firm investing in early-stage technology startups across Central Asia and the MENA region. The firm focuses on fintech, AI, and digital solutions, supporting teams not only with capital but also with hands-on expertise in business development and scaling.
White Hill Capital is the management company of Tumar Venture Fund LP, established with the support of the World Bank’s Fostering Productive Innovation Project (FPIP) and the Ministry of Artificial Intelligence and Digital Development of the Republic of Kazakhstan. The fund operates a blended financing model combining public and private capital.
Through its initiatives, including the Tumar Innovation Hub acceleration program, White Hill Capital serves as a bridge between Central Asia and global venture ecosystems, helping startups expand into international markets including Saudi Arabia and the UAE, and expanding access to capital, markets, and strategic opportunities across the region.
